emini futures 16th October 2018 – pre-open from Chartprofit
The major Support at 2718.00 has held so far with ES printing up to probe the 2774 Resistance during Friday’s session and again during Monday’s, see chart. I’m a little concerned that this Resistance has held because price printing time above that level would be the first minor sign of strength.
Resistance = 2774.00 (4mn poc)
major Support = 2718.00
ETFs: SPY and IWM also held their major Support last week following brief tests; SPY = 271.7, IWM = 153.5.
Stocks>50dyma numbers: Nyse 18% (from 15%), Nasdaq 15% (from 14%), R2000 13% (from 12%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 16.83. Thursday’s ratio at 14.93. was the lowest since early May. The peak reading is 27.55 recorded 09/07 which equalled the highest ratio in the database.
Bonds: TLT – declined sharply through since breaking below 121.00, the major poc, at the start of September. Reached its lowest level since Sep 2014, last week. Has bounced back a little.
Dollar Index: The major poc is at 94.80. The chart had been oscillating around that level for three months. Is currently printing above the poc (just) in a stronger price location.
Gold: GLD – The major poc is at 121.00 and this Support was broken 06/19. Chart remains in a LT weak position but rallied last week. It is possible the poc could migrated lower with time – I am monitoring that.
Oil: USO – As long as chart holds above 12.79, the 12mn Support, it is in a LT strong price location – I have been saying this for months now. If USO should retrace we need to watch for that poc migrating higher. 10/03 the chart reached its highest level since October 2015.
GBPUSD: The major poc is at 1.3200. On 09/20 that Resistance was probed and rejected. Chart is currently probing the level again today.
EURUSD: On 08/15 the chart printed its lowest level since July 2017. There was a rally back from there to probe 1.1755, the 1year poc Resistance. This was rejected.
USDJPY: the major poc is at 111.30. Chart is printing above that level but has fallen back over last few days.
